European stock markets fluctuated today and oil was at its highest since June, even if in the middle of the day the markets limited their losses after the ECB reassured them that QE would continue until March 2017 and even "beyond, if necessary". The release of the minutes of the last Eurotower meeting give a hand to the price lists, even if Milan is the only one to close positively, even if by very little, to +0,09%.
Wall Street opens negative, after the push received yesterday by the rise in oil above 50 dollars a barrel (and today it reaches a new high since June), but the markets seem skeptical, awaiting an informal meeting between OPEC producers which should be held between 8 and 13 October in Istanbul. Even an unknown factor such as Hurricane Matthew weighs on this voice. To weigh on the American lists there are also corporate news, such as the fact that Google does not intend to make an offer to buy Twitter, with a consequent collapse of the title (-16%). Certainly the annual work of the International Monetary Fund underway in Washington and the fact that initial claims for unemployment benefits are down and close to a 43-year low. A positive figure which, in this game on the contrary, alarms investors for the feared approach of the interest rate hike by Janet Yellen.
Central banks therefore play a decisive role in expectations from one side of the ocean to the other. The minutes of the September session of the ECB bring considerable comfort given that the economic conditions and inflationary prospects do not yet allow for a change of course by Mario Draghi. "It is therefore of paramount importance that the high level of monetary support is maintained." Although Christine Lagarde warns: “Central bankers cannot act alone, all policies, monetary, fiscal and structural, must work together”.
Unicredit shines in Milan, which achieved an increase of 2,29%, on the wings of a press report on the basis of which Amundi would be willing to put on the table an offer of 4 billion euros for Pioneer, a figure useful for reducing the expected capital increase. This news is counterbalanced by the decline of Poste Italiane, in competition for the purchase of Pioneer. Today there is also an indiscretion that Unicredit, together with other banks, will put up for sale the stake in Concardis, a German company that provides payment services, which could attract the interest of both some competitors and private equity.
On the other hand, an endless collapse for Mps (-3,34%) which reaches a new low e whose capitalization falls below 500 million. Azimut (+2,11), Mediolanum (+0,65%), Generali (+1,34%), Mediobanca (+1,67%), A2a (+2,25%) still performed well.
Two pieces of news during the day come from the multiutility Hera, which strengthens its presence in Abruzzo with the acquisition of 100% of Gran Sasso, the Gran Sasso Energie company based in Pratola Peligna (L'Aquila) which deals with the sale of gas and electricity on the free market . At the same time, the Bologna-based group launched the placement of a 400-million-euro ten-year bond issue. The objective of the operation is to lengthen the average duration of the debt. The bond, maturing in October 2026, is managed by a pool of banks: Banca IMI, Bnp Paribas, Credit Agricole, Mediobanca, UniCredit and Deutsche Bank.
In London, a sharp slide for EasyJet, afterwards the profit alert launched by the low cost airline due to the effects of the drop in the pound caused by Brexit. The title marks the worst performance of the Ftse100 with a drop of 6,5% on the lowest level for three years. The company announced it will end the year for the first time since 2009 with a decline in earnings.
The pound on the other hand marks a new low at 1,26 against the dollar down 0,81%, after Angela Merkel claims that Brexit "will not be an easy negotiation for London", given that the EU places conditions on the free movement of goods and people for those who negotiate.
Meanwhile, still in London, the 16th edition of the Star conference opened today, with the participation of 49 companies in the High Requirement Securities Segment of Borsa Italiana. Over a thousand meetings were requested. The occasion, which records record numbers compared to previous editions, allows the management of the participating companies to meet investors, with an average of over 16 one-to-one meetings per company.
The closing of the Tokyo Stock Exchange was positive this morning an increase of 0,47%, still driven by the good results of Wall Street yesterday and by a further strengthening of the dollar against the yen in an exchange rate range between 103 and 104, useful support for the securities of Japanese exporting companies.
